Steel Industry (Nationalisation) Act 2026
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Change 1
52 Compensation scheme regulations
(1) The Secretary of State— (a) must by regulations make provision for or in connection with the payment of compensation in connection with the exercise of a principal transfer power; (b) may by regulations make provision for or in connection with the payment of compensation in connection with the exercise of any transfer power other than a principal transfer power. (2) In this Part— “compensation scheme regulations” means regulations under this section; “transfer power” has the same meaning as in Part 1 (see section 51). (3) Compensation scheme regulations— (a) must include provision for determining whether a transferor should be paid compensation; (b) may include provision for determining whether a person other than a transferor should be paid compensation. (4) Compensation scheme regulations may include provision for or in connection with the payment of compensation where a direction under section 2 of the Steel Industry (Special Measures) Act 2025 (use of assets) has at any time been given to a steel undertaking. (5) Compensation scheme regulations must include provision requiring the Secretary of State to pay compensation to a person in respect of whom it is determined that compensation should be paid by virtue of the regulations. (6) Compensation scheme regulations may include provision about the way in which, and time by which, a claim for compensation under the regulations is to be made. (7) In this section— “principal transfer power” has the same meaning as in Part 1 (see section 2(3)); “transferor” means a person from whom securities or (as the case may be) property, rights or liabilities have been transferred by regulations made in the exercise of a transfer power.
52 Compensation scheme regulations
(1) The Secretary of State— (a) must by regulations make provision for or in connection with the payment of compensation in connection with the exercise of a principal transfer power; (b) may by regulations make provision for or in connection with the payment of compensation in connection with the exercise of any transfer power other than a principal transfer power. (2) In this Part— “compensation scheme regulations” means regulations under this section; “transfer power” has the same meaning as in Part 1 (see section 51). (3) Compensation scheme regulations— (a) must include provision for determining whether a transferor should be paid compensation; (b) may include provision for determining whether a person other than a transferor should be paid compensation. (4) Compensation scheme regulations may include provision for or in connection with the payment of compensation where a direction under section 2 of the Steel Industry (Special Measures) Act 2025 (use of assets) has at any time been given to a steel undertaking. (5) Compensation scheme regulations must include provision requiring the Secretary of State to pay compensation to a person in respect of whom it is determined that compensation should be paid by virtue of the regulations. (6) Compensation scheme regulations may include provision about the way in which, and time by which, a claim for compensation under the regulations is to be made. (7) In this section— “principal transfer power” has the same meaning as in Part 1 (see section 2(3)); “transferor” means a person from whom securities or (as the case may be) property, rights or liabilities have been transferred by regulations made in the exercise of a transfer power.
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